Buying A Home

Seven Steps to Buying Your Home

1. Decide to buy

Base your decision to buy on facts, not fears.

• 1. If you are paying rent, you very likely can afford to buy

  2. There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run

  3. The lack of a substantial down payment doesn't prevent you from making your first home purchase

  4. A less-than-perfect credit score won't necessarily stop you from buying a home

2. Hire your agent

A Buyer's Real Estate Agent:

• 1. Educates you about your market.

  2. Analyzes your wants and needs.

  3. Guides you to homes that fit your criteria.

  4. Coordinates the work of other needed professionals.

  5. Negotiates on your behalf.

  6. Checks and double-checks paperwork and deadlines.

  7. Solves any problems that may arise.

3. Secure financing

• 1. Choose a loan officer (or mortgage specialist).

  2. Make a loan application and get preapproved.

4. Find your home

• 1. What do I want my home to be close to?

  2. How much space do I need and why?

  3. Which is more critical: location or size?

  4. Would I be interested in a fixer-upper?

  5. What features and amenities do I want? Which do I really need?

5. Make an offer

When searching for your dream home, you were just that-a dreamer. Now that you're writing an offer, you need to be a businessperson. You need to approach this process with a cool head and a realistic perspective of your market. The three basic components of an offer are:

• 1. Price

  2. Terms

  3. Contingencies

6. Perform due diligence

Once you buy a home, you can't return it if something breaks or doesn't quite work like it's supposed to. That's why you must pay close attention to the inspections, home warranties and home owner's insurance details.

7. Settlement and Closing

You just have a few preclosing responsibilities:

• 1. Stay in control of your finances.

  2. Answer and return all phone calls and paperwork promptly.

  3. Several days before closing, confirm with your agent that all your documentation is in place and in order

  4. Conduct a final walk thru

  5. Attend Settlement and follow through for Closing